Last Update 13:10
Friday, 22 June 2018

Emaar Misr signs EGP 2 billion contracts to build first phase of north coast's Marasi Marina

Ahram Online , Saturday 13 Jan 2018
Emaar
Emaar (Photo: Reuters)
Share/Bookmark
Views: 3818
Share/Bookmark
Views: 3818

Egypt's Emaar Misr for Development (EMD) has announced the signing of two construction contracts in the first phase of the Marasi Marina project worth a total of EGP 2 billion, according to a press release by the company.

The deal was signed with Arab Constructions Company (ACC) and Orascom Construction Industries, according to a press release by the company.

The Marasi Marina project, located in Egypt’s northern coast, will include the "construction of 3,200 fully finished luxury apartments, 600 (4-5 star) hotel rooms and suites, as well as a marina boardwalk stretching over 3km with over 35,000 square metres of high-end retail and F&B outlets," the press release said.

The first contract with ACC is worth EGP 1.2 billion, and will include the construction of the first phase of 826 Marina apartments with surrounding services over a total area of 92,000 square metres, and should be completed by 2020.

The second contract with Orascom, worth EGP 800 million, will include "building the complete marina basin designed to berth 300 yachts and equipped to welcome the Mediterranean’s mega yachts that reach 60 metres in length," also expected to be completed by 2020.

"Our unwavering confidence in the promising Egyptian market and the investor-friendly policies of the government drive us to develop unique world class projects in Egypt that compete internationally," chairman of Emaar Properties PJSC Mohamed Alabbar said.

The project, which aims to “attract luxury tourism to the area all year round,” is also expected to provide thousands of direct and indirect job opportunities, the statement reads.

Emaar Misr is part of Dubai developer Emaar Properties.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.